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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
I want to use this pattern to show you what I mean with "trade concept". This is a monthly chart and I don't trade monthly patterns. In my opinion, they are simply too large to be seen as swing trade, I look at them basically as long-term trades, which are not part of my trading plan at the moment.
This doesn't mean they are not useful to outline what could be the trend for the next months or even years.
This massive 10 years long Ascending Triangle Continuation is taking place at the all-time high and seems ready to breakout after three tests of the area around 92.00.
If a valid breakout occurs, this scenario suggests me the "concept" to be long-term bullish on this cross. This means to keep it constantly under my radar to follow the eventual uptrend by trading only bullish pattern . I could consider also smaller or slightly worse patterns than usual since I would consider myself in favor trend for many months ahead.
The fact that I don't trade monthly pattern doesn't mean that this could not be considered an opportunity to establish a pure Position Trade or even a Buy & Hold one if these fits your style.
Same scenario but much shorter-term and so more appealing to me is the pair USDINR (see linked idea).
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
I want to use this pattern to show you what I mean with "trade concept". This is a monthly chart and I don't trade monthly patterns. In my opinion, they are simply too large to be seen as swing trade, I look at them basically as long-term trades, which are not part of my trading plan at the moment.
This doesn't mean they are not useful to outline what could be the trend for the next months or even years.
This massive 10 years long Ascending Triangle Continuation is taking place at the all-time high and seems ready to breakout after three tests of the area around 92.00.
If a valid breakout occurs, this scenario suggests me the "concept" to be long-term bullish on this cross. This means to keep it constantly under my radar to follow the eventual uptrend by trading only bullish pattern . I could consider also smaller or slightly worse patterns than usual since I would consider myself in favor trend for many months ahead.
The fact that I don't trade monthly pattern doesn't mean that this could not be considered an opportunity to establish a pure Position Trade or even a Buy & Hold one if these fits your style.
Same scenario but much shorter-term and so more appealing to me is the pair USDINR (see linked idea).
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: see chart
- Breakout area: see chart
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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